JP Morgan expect a 'bumpy' Q4 for the euro zone - stay short EUR/USD

I posted earlier on Goldman Sachs' EUR wariness:

• Goldman Sachs is 'cautious' on EUR for two reasons (here are their preferred currencies instead)

JPM is short EUR/USD in anticipation of a bumpy 4Q for the Euro area

• analysts looking at positive developments on vaccines and saying these reduce tail risks for 2021
• this should prompt flows out of USD, but this is being limited by short USD positioning and UST yield rise
• JPM therefore not recommending short USD aggressively for now